Brent crude for January delivery dipped 0.29% and was seen trading at $11.03 a barrel on 10.17 am IST. Its US counterpart for January delivery WTI dipped by 0.5% and was at $87.83 a barrel.

Meanwhile on India s MCX futures for December delivery was seen trading at $4895 a barrel a drop of 0.22%. Israel is learned to have eased the restrictions in the Gaza coast subsequent to the announcement of the cease fire. In another development President of Egypt Mohamed Mursi is expected to see Egypt s judicial council today to clear the air he had decreed on November 22 that his actions would be beyond the scrutiny of Egyptian courts.

The meeting may signal that the Egyptian president is trying to cool off the violence that has emerged said Victor Shum the managing director of IHS Consulting in Singapore to Bloomberg .

"Oil has come down a bit but only slightly. I look at this slight edging down as profit taking."